Bermuda-domiciled company Till Capital has announced William M Sheriff has resigned as chairman and chief executive officer (CEO) of the company and from all board and executive positions with Till and its wholly-owned subsidiaries, Omega Insurance Holdings and Resource Re.
Sheriff’s departure, effective as of September 1, is due to the “natural consequence” of the firm increasing focus on its investment-driven reinsurance/insurance businesses. Sheriff will now focus his attention on mining and other resource-based opportunities external to Till.
The company is to exit the resource sector and instead concentrate its efforts in the re/insurance side of the business.
The board has appointed William A Lupien, chief investment officer, to serve as Interim CEO of the company while it pursues the recruitment of a CEO with a strong reinsurance/insurance background.
Director Joseph Taussig has also resigned from the board so that he may focus his attention on the previously announced engagement agreement to find a strategic investor for the company's reinsurance/insurance businesses.
Taussig said: "I look forward to being able to devote more time to obtaining a strategic investor for Till, without the added responsibilities of a board membership.”
Till has further announced director Alan S Danson has been elected non-executive chairman of the board. Danson has extensive experience as a board member of a variety of public and private companies, including 19 years as an independent director of a family of mutual funds, where he also served as chairman of the board.
With the resignations of Sheriff and Taussig the Till board will now consist of five directors, three of whom— Alan S Danson, Wayne Kauth, and Roger M Loeb— are independent directors under the applicable independence standards of Canadian securities legislation and NASDAQ, and the other two, William A. Lupien and John T Rickard, are not independent directors under the applicable independence standards.
Till Capital, William M Sheriff, Omega Insurance Holdings, Resource Re, Joseph Taussig, William A Lupien, Bermuda